On January 1, 2019, Jasmin Company had a credit balance of P260,000 in the allowance or uncollectible accounts. Based on past experience, 2% of credit sales would be uncollectible. During the current year, the entity wrote off P325,000 of uncollectible accounts. Credit sales for the year totaled P9,000,000. What is the uncollectible accounts expense? a. P325,000   b. P180,000 c. P440,000 d. P65,000

ABC Company received a ten-month, $18,000, 4% note from XYZ Corporation on April 1, 2020 to replace an accounts receivable. Assuming all necessary adjusting entries were made at year end, December 31, 2020, the entry ABC makes on the maturity date would include a: credit to interest receivable for $540. credit to note receivable for $18,600 credit to interest revenue for $600 A. В. С. D. debit to interest revenue for $60 Е. credit to interest revenue for $720

Ward Company’s usual sales terms are net 60 days, FOB shipping point. Sales, net of returns and allowances, totaled P5,000,000 for the year ended December 31, 2019, before year end adjustments. On December 27, 2019, Ward authorized a customer to return, for full credit, goods shipped and billed at P50,000 on December 15, 2019. The returned goods were received by Ward on January 4, 2020, and a P50,000 credit memo was issued on the same date. Goods with an invoice amount of P300,000 were billed to a customer on January 3, 2020. The goods were shipped on December 31, 2019. Goods with an invoice amount of P200,000 were billed and recorded on December 30, 2019. The goods were shipped on January 3, 2020. Ward’s adjusted net sales for 2019 should be? Choices: P4,750,000 P5,050,000 P5,250,000 P4,950,000

Alex Corporation has the following account balances on December 31, 2020: Accounts receivable  ₱ 400,000 Allowance for uncollectible accounts 8,400 Alex completed the following transactions in 2019: Net credit sales, ₱ 4,000,000. Collections on accounts, ₱ 3,870,000. Write-off of uncollectible accounts, ₱ 10,000. Recovery of accounts previously written-off, ₱ 2,000. Uncollectible accounts expense, 2/3 of 1% of net credit sales.   REQUIRED: 1. Journalize the foregoing transactions. 2. Compute the balance of accounts receivable and allowance for uncollectible accounts at December 31, 2020. What amount of Accounts receivable, net would Alex report on its December 31, 2020 balance sheet? 3. Assume that Alex uses the aging of accounts instead of the percent of sales method in estimating  uncollectible  accounts.  Analysis  indicates  that  Php  30,800  of  outstanding accounts  on  December  31,  2020  may  prove  to  be  uncollectible.  Compute  the uncollectible accounts expense and the…

Rosalie Couses the gross method to record sales made on credit. On June 10, 2019, it made sales of £100,000 with terms 2/10, n/30 to Finley Farms, Inc. On June 19, 2019, Rosalie received payment for 1/2 the amount due from Finley Farms. Rosalie’s fiscal year end is on June 30, 2019. What amount will be reported in the statement of financial position for the accounts receivable due from Finley Farms, Inc.?

Liberty Corporation reported the following financial statements: Assume all sales are on credit. During 2019, Liberty’s days’ sales in receivables ratio Was (amounts rounded) a. 34 days. b. 30 days. c. 32 days. d. 28 days

Sigma Company began operations on January 1, 2020. On December 31, 2020 and 2021, the entity provided for uncollectible accounts expense based on 1% of annual credit sales.   Required: Determine the allowance for doubtful accounts on January 1, 2021. Determine the allowance for doubtful accounts on December 31,2021 before adjustments. Determine the required allowance on December 31,2021. Prepare the adjustment to record the doubtful account expense for the current year.

Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made sales of $45,000 with term 2/15, n/45. Prepare the required journal entries, if: On July 22 Rasheed company received full payment.

The notes receivable account of Yuri Corporation for year 2019 is summarized below: Sold goods and received a P25, 000 2-year, noninterest bearing note on March 1, 2019. The effective interest on this date was 12%. Sold goods and received a P20, 000 10-month, 5% interest bearing note from customer on September 30, 2019. The goods with a total price of P33, 000 was sold on January 1, 2019. Receiving a P3,000 cash and P30,000 three-year, 10% interest bearing note to be collected in 3 equal payments to principal every December 31 starting 2019 which includes interest based on outstanding balance. Market rate of interest for this risk level was at 14%. Required: (Kindly provide a solution) 1. Total current portion of notes receivable as of 2019 2. Total noncurrent portion of notes receivable as of 2019 3. Accrued interest receivable as of December 31, 2019 4. Interest income in 2019